Vilnius CHP plant increases capital by EUR 16 mln

Vilniaus Kogeneracine Jegaine (Vilnius Cogeneration Power Plant), a Lietuvos Energija (Lithuanian Energy) company that is building a 350-million-euro combined heat and power (CHP) plant in Vilnius, is increasing its capital by 15.7 mln euros to 52.3 m;n euros, the state energy group said LETA/BNS.

According to Lietuvos Energija, the capital increase is a planned decision and is due to its obligations to the Lithuanian Business Support Agency, the administrator of allocations from EU Structural Funds.

The Vilnius CHP plant project has secured up to 140 mln euros in support from the European Commission and a long-term loan of up to 190 miln euros from the European Investment Bank. Vilniaus Kogeneracine Jegaine also uses its own funds to finance the project.

The biomass and waste-fired facility with an installed capacity of 92 megawatts of electricity and around 229 MW of heat energy is planned to launch commercial operations in the first half of 2020.

EU economy’s future: slow but positive growthGrowth in all EU states will continue in 2019-20, though at a slower pace than before. The largest EU’s economies will grow at around 1,5-1,7%, mostly in Poland, Spain and Holland. The Baltic States’ growth will continue to be on the positive trend.